\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 110 Nuode Investment Co.Ltd(600110) )
Event: Nuode Investment Co.Ltd(600110) disclosed the annual report of 2021. In 2021, the company realized an operating revenue of 4.45 billion yuan, a year-on-year increase of 106%; The net profit attributable to the parent company was 410 million yuan, a year-on-year increase of 7422%; Deduct non net profit of RMB 380 million, an increase of 843% year-on-year. Among them, the revenue of 21q4 was 1.21 billion yuan, a year-on-year increase of 53% and a month on month decrease of 1.5%; The net profit attributable to the parent company was 84 million yuan, with a year-on-year increase of 284.7% and a month on month decrease of 30.47%.
The volume and price of the company's products have risen simultaneously, and the performance in 2021 is in line with expectations. In 2021, the company achieved an operating revenue of 4.45 billion yuan, a year-on-year increase of 106%; The net profit attributable to the parent company was 410 million yuan, a year-on-year increase of 7422%. Among them, Q4 company achieved an operating revenue of 1.21 billion yuan, a year-on-year increase of 53% and a month on month decrease of 1.5%; The net profit attributable to the parent company was 84 million yuan, with a year-on-year increase of 284.7% and a month on month decrease of 30.47%. The increase in profitability in 21 years was mainly due to the high prosperity of downstream lithium batteries, which led to the rise of copper foil shipments and processing fees of the company. The sales volume of copper foil of the company increased from 203.04 million tons in 2020 to 35074 tons. In addition, the processing fee of lithium battery copper foil industry increased by 5 Tcl Technology Group Corporation(000100) 00 yuan in 2021. Overall, the gross profit per ton of the company's copper foil business increased from 1.76 in 2020 to 28700 yuan / ton in 2021, and the proportion of gross profit increased from 81.1% in 2020 to 91.5% in 2021.
Pay attention to R & D, and the cost rate decreased significantly during the period. In 2021, the company's period expenses increased by 31% year-on-year to RMB 590 million, and the period expense rate decreased by 7.61 PCTs year-on-year from 20.9% to 13.3%. Specifically, the sales expenses increased by 46% year-on-year to 37 million yuan, and the expense rate decreased by 0.3 PCTs year-on-year from 1.18% to 0.83%; Administrative expenses increased by 28% year-on-year to 180 million yuan, and the rate of administrative expenses decreased by 2.4 PCTs year-on-year from 6.5% to 4.0%; The financial expenses increased by 4.9% year-on-year to 220 million yuan, and the financial expense rate decreased by 4.9 PCTs year-on-year from 9.9% to 4.9%; R & D expenses increased by 113% year-on-year to 160 million yuan, and the R & D expense rate increased by 0.1pcts year-on-year from 3.4% → 3.5%.
The company has accelerated its production expansion process and formed a stable supply relationship with high-quality customers. At present, the company has two copper foil bases in Qinghai and Huizhou, with a total capacity of 43000 tons. The capacity under construction in Qinghai base is 15000 tons; The 12000 ton new production capacity of Huizhou base has been debugged and mass production has begun. In addition, the company plans to build another 15000 ton copper foil project in Qinghai base; Huangshi phase I 50000 ton project is expected to be put into operation in mid-2023, and the production capacity will reach 135000 tons after completion. We expect the company's production capacity to reach 70000 tons by the end of 2022. From the perspective of customer structure, relying on its technical advantages, the company has maintained stable cooperation with Contemporary Amperex Technology Co.Limited(300750) (catl), Byd Company Limited(002594) , China Innovation Airlines (former AVIC lithium battery), Gotion High-Tech Co.Ltd(002074) , Eve Energy Co.Ltd(300014) and Farasis Energy (Gan Zhou) Co.Ltd(688567) and other customers in the Chinese market. At the same time, it also supplies bulk goods to overseas customers such as LG Chemical, Panasonic, ATL and ski.
The company's large-scale production is imminent, and its performance has entered a period of high growth. We assume that the processing fee will remain unchanged from 2022 to 2024, 4.5/6/8 μ The processing cost of M is 7 / 5 / 40000 yuan / ton respectively. Affected by the epidemic, we lowered the company's output in 2022. It is estimated that the output of copper foil in 20222024 will be 5.5/8.0112000 tons, corresponding to the net profit of 807, 1151 and 1553 million yuan respectively in 2022, 2023 and 2024 (the value was 857 / 1057 million yuan before 22-23 years). According to the market value of 15.9 billion on April 22, the corresponding PE of the company from 2022 to 2024 is 20, 14 and 10x respectively. Maintain the company's "buy" rating.
Risk warning event: the construction progress of the project is less than expected; The risk of industrial policy fluctuation; The sales volume of new energy vehicles is lower than expected; The release of industrial capacity exceeded expectations; Epidemic risk; Significant upward risk of raw materials; Downside risk of processing fee.
